* Says investor group to pay $0.34 per Pinnacle share * Says
offer was 28 pct premium to its Tuesday's close * Shares jump
Feb 24 Pinnacle Gas Resources Inc PINN.O said
a investor group, led by Scotia Waterous (USA) Inc, will
acquire the independent energy company for about $11 million,
in an all-cash deal, sending its shares up about 27 percent in
early morning trade.
As per the deal, the investor group will offer 34 cents for
each Pinnacle share, which is a premium of about 28 percent to
its Tuesday's close.
The company said the acquisition is expected to close during
the second quarter 2010.
Shares of the company were up about 7 cents at $0.338
Wednesday. They closed at $0.265 Tuesday on Nasdaq.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by